Analyst Consensus ?
ConsensusHold26 ratings
Bullish1350.0%
Neutral1142.3%
Bearish27.7%
Thomson Reuters Corporation · TRI · FY2026 Q1 · Calendar Q2 2026
Thomson Reuters: AI-led growth supports reaffirmed 2026 outlook
The supplied analysis supports a constructive but conditional view: reported Q1 organic revenue growth exceeded the prior guidance cited in the analysis, and management maintained its full-year outlook while advancing AI products. The durability of demand, customer retention amid competing tools, and AI-related costs remain important tests.
Reported Before market openNASDAQIndustrials
$47.74B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.23
Consensus $1.18
EPS surprise
+4.2%
Reported versus consensus
Reported revenue
$2.04B
Consensus $2.00B
Revenue surprise
+2.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.3%
Event window
SPY move
+0.8%
Same window
Abnormal move
-1.1%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
-12.6%
Up to 20 sessions
TRISPY benchmark
Ask FN2 about TRI FY2026 Q1
Transcript, numbers and history already loaded
Why did TRI fall 0.3% after beating EPS estimates in FY2026 Q1?What changed in TRI's guidance and outlook in FY2026 Q1?Give me the bull and bear case for TRI after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current-quarter analysis describes 8% organic revenue growth and a maintained full-year outlook. It adds a proprietary Thomson LLM and plans to beta-launch CoCounsel Next in Q3, with a full release later in 2026. Compared with the prior-quarter analysis, the call continues to emphasize AI product adoption, but also highlights model-cost sustainability and retention amid competing AI tools as concerns.
Guidance delta
Maintained 2026 guidance: 7.5–8% organic revenue growth and approximately 9.5% for the Big Three segments. The analysis says Q1 organic growth was 8%, above prior guidance of 7%.
Key takeaways
- Q1 organic revenue growth was reported at 8%, with strong margins described in the supplied analysis.
- Management reaffirmed its full-year 2026 organic growth outlook.
- AI-enabled legal products, including Westlaw Advantage and CoCounsel, were identified as growth drivers.
- The proprietary Thomson LLM and CoCounsel Next are part of the stated product roadmap.
- AI-model costs, customer retention, and government-segment growth are key uncertainties.
Management priorities
- Advance CoCounsel Next, with a Q3 beta and a full release later in 2026.
- Continue development and deployment of the Thomson LLM.
- Extend AI product development across legal, tax, and corporate services.
- Expand the Dominio product line in Brazil and other international markets.
- Continue share repurchases and consider additional capital-return actions, as described in the analysis.
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Miss
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Analyst 52W Price Targets
$110.18Previous close
$85Low
$138.98Average
$183High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Oct 28, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Oct 13, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 8, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jun 30, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | May 19, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | May 6, 2026 |
| UBS | Buy | Buy | Maintain | Apr 23, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 9, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Feb 6, 2026 |
| CIBC | Outperform | Outperform | Maintain | Jan 16, 2026 |
| Canaccord Genuity | Buy | Hold | Upgrade | Nov 5, 2025 |
| TD Securities | Buy | Hold | Upgrade | Aug 28, 2025 |
| PiperJaffray | Neutral | Underweight | Upgrade | Nov 25, 2020 |
| Nomura | Sell | Reduce | Maintain | Nov 25, 2020 |
| National Bank Financial | Perform | Underperform | Upgrade | Nov 25, 2020 |
| Macquarie | Neutral | Outperform | Downgrade | Nov 25, 2020 |
| FBR Capital | Perform | Outperform | Downgrade | Nov 25, 2020 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 25, 2020 |
| Credit Suisse | Outperform | Neutral | Upgrade | Nov 25, 2020 |
| Citigroup | Buy | Buy | Maintain | Nov 25, 2020 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 25, 2020 |
| Bank of America | Buy | Buy | Maintain | Nov 25, 2020 |
| Berenberg | Sell | Sell | Maintain | Apr 20, 2017 |
| Jefferies | Hold | Hold | Maintain | Jul 24, 2014 |
| Bank oferica | Buy | Buy | Maintain | May 2, 2012 |
| Evercore Partners | Equal Weight | Equal Weight | Maintain | Mar 2, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $110.18. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Surinder Thind | $130 | $108.23 | +18.0% | Oct 20, 2026 |
| Morgan Stanley | Analyst unavailable | $110 | $105.32 | -0.2% | Oct 13, 2026 |
| Scotiabank | Paul Steep | $135 | $98.61 | +22.5% | Aug 6, 2026 |
| Wells Fargo | Jason Haas | $85 | $82.66 | -22.9% | Jun 30, 2026 |
| Barclays | Manav Patnaik | $130 | $93.37 | +18.0% | May 8, 2026 |
| Scotiabank | Analyst unavailable | $138 | $95.46 | +25.2% | May 6, 2026 |
| UBS | Analyst unavailable | $183 | $89.66 | +66.1% | Apr 23, 2026 |
| Wells Fargo | Jason Haas | $87 | $87.43 | -21.0% | Apr 14, 2026 |
| Barclays | Manav Patnaik | $170 | $83.06 | +54.3% | Apr 10, 2026 |
| Goldman Sachs | Analyst unavailable | $111 | $88.07 | +0.7% | Feb 7, 2026 |
| Morgan Stanley | Analyst unavailable | $116 | $87.38 | +5.3% | Feb 6, 2026 |
| RBC Capital | Drew McReynolds | $126 | $89.54 | +14.4% | Feb 6, 2026 |
| Scotiabank | Maher Yaghi | $156 | $86.41 | +41.6% | Feb 6, 2026 |
| BMO Capital | Analyst unavailable | $165 | $88.26 | +49.8% | Feb 6, 2026 |
| UBS | Analyst unavailable | $131.5 | $88.94 | +19.4% | Feb 6, 2026 |
| Wells Fargo | Analyst unavailable | $140 | $91.95 | +27.1% | Feb 4, 2026 |
| CIBC | Analyst unavailable | $183 | $124.63 | +66.1% | Jan 16, 2026 |
| Morgan Stanley | Analyst unavailable | $165 | $132.66 | +49.8% | Dec 17, 2025 |
| Scotiabank | Maher Yaghi | $189 | $147.6 | +71.5% | Nov 5, 2025 |
| Canaccord Genuity | Analyst unavailable | $174 | $146.6 | +57.9% | Nov 4, 2025 |
| Morgan Stanley | Analyst unavailable | $172 | $146.6 | +56.1% | Nov 4, 2025 |
| CIBC | Analyst unavailable | $198 | $156.96 | +79.7% | Oct 29, 2025 |
| Goldman Sachs | Analyst unavailable | $186 | $154.68 | +68.8% | Oct 15, 2025 |
| Wells Fargo | Analyst unavailable | $212 | $175.65 | +92.4% | Sep 9, 2025 |
| Canaccord Genuity | Aravinda Galappatthige | $182 | $181.56 | +65.2% | Aug 7, 2025 |
| Scotiabank | Maher Yaghi | $182 | $167.18 | +65.2% | Aug 27, 2024 |
| RBC Capital | Drew McReynolds | $168 | $158.87 | +52.5% | Aug 2, 2024 |
| Canaccord Genuity | Aravinda Galappatthige | $156 | $162.96 | +41.6% | May 3, 2024 |
| Barclays | Manav Patnaik | $180 | $156.4 | +63.4% | Mar 13, 2024 |
| Goldman Sachs | Analyst unavailable | $127.55 | $119.93 | +15.8% | Jan 10, 2023 |
| Morgan Stanley | Analyst unavailable | $115.11 | $122.2 | +4.5% | Jan 4, 2023 |
| Scotiabank | Analyst unavailable | $130.66 | $115.9 | +18.6% | Dec 19, 2022 |
| Morgan Stanley | Analyst unavailable | $116.14 | $108.42 | +5.4% | Sep 27, 2022 |
| Canaccord Genuity | Analyst unavailable | $126.51 | $116.75 | +14.8% | Aug 5, 2022 |
| Barclays | Analyst unavailable | $119.26 | $108.07 | +8.2% | Jul 1, 2022 |
| CIBC | Scott Fletcher | $119.26 | $99.88 | +8.2% | Jun 14, 2022 |
| Morgan Stanley | Analyst unavailable | $107.85 | $98.98 | -2.1% | May 4, 2022 |
| Bank of America Securities | Heather Balsky | $136.88 | $106.32 | +24.2% | Mar 14, 2022 |
| Barclays | Manav Patnaik | $129.62 | $120.65 | +17.6% | Sep 17, 2021 |
| Goldman Sachs | George Tong | $117.18 | $114.97 | +6.4% | Aug 6, 2021 |
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Start freeCompany context
Snapshot as of publicationThomson Reuters Corporation delivers essential business information services worldwide, with operations spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company is structured into five distinct divisions: Legal Professionals, Corporates, Tax & Accounting Professionals, Reuters News, and Global Print. For legal professionals, including law firms and governmental bodies, the Legal Professionals segment furnishes integrated workflow solutions. These comprehensive offerings blend specialized content, sophisticated tools, and powerful analytics to enhance legal research and operational efficiency. The Corporates segment provides a robust suite of technology solutions, infused with critical content, tailored for professionals navigating corporate legal, tax, regulatory, compliance, and IT landscapes.…
Historical context
All TRI earningsIndustrials peers this season
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Latest beats and misses
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Missed on EPS
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- TRIFY2026 Q3 · November 3, 2026-9.0% EPS-9.9% move
- APOFY2026 Q3 · November 3, 2026-5.5% EPS-4.9% move
- FMSFY2026 Q3 · November 3, 2026-1.7% EPS-3.9% move
- PSFY2026 Q3 · November 2, 2026-1.5% EPS+0.1% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-04T11:40:44.620242+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-04T11:40:44.616991+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-04. For educational purposes only; not investment advice.